ON THE SCENE: Latest middle market sales, acquisitions

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Christopher Okada, CEO of Okada & Company, has acquired 109-111 West 24th Street, a seven-story, 44,500 s/f commercial property in the Flatiron District (pictured top) for $16.25 million. The elevatored property sits on a 50 by 115 s/f. lot one block west of Madison Square Park. the sale prices equates to $365 psf. The seller was owner/user Montauk Rug & Carpet which had owned the property for approximately 80 years. Okada led an acquisition group that includes Francis Leung of Okada & Company. Okada, who owns the retail at 148 West 24th Street ,had been negotiating to purchase the property since 2015. The brokers on the transaction were Bob Knakal and Jonathan Hageman of JLL representing the seller with Brock Emmetsberger and Cameron Stafford of B6 Realty Advisors representing the purchasers. A $15 million debt package was provided by Jason Behfarin’s G4 Capital Partners, with borrower representation by Emanuel Westfried and Jonathan Bodner of Two Bins Capital.

970-998 FRANKLIN AVENUE

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Schuckman Realty announced the sale of a seven-tenant retail building at 970-998 Franklin Avenue, Garden City, NY, for $16 million. The trophy property is fully occupied tenants Santander Bank, Cold Stone Creamery, Kinha Sushi, Grimaldi’s Pizza, My Three Sons Bagels, among others. The 16,350 s/f building sits on a 21,780 s/f lot at the Southeast corner of 10th Street and Franklin Avenue. Schuckmanʼs Matt Colantonio and Ari Malul represented both parties in the off-market transaction. The seller had owned the property since 2003 and the buyer, a family-office out of New Jersey, completed the purchase as part of a 1031-exchange.

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Cushman & Wakefield announced the sale of 420 Grand Avenue, a 15,940 s/f medical office building in Englewood, NJ, for $3.55 million. Andy Merin, Andrew Schwartz, Jeffrey Prezant, Seth Pollack, Jordan Sobel and Andre Balthazard represented the buyer and procured the seller, East Park Real Estate. The two-story medical office building sits on a 1.16-acre property. The asset is currently occupied by two medical tenants and is located within an Opportunity Zone. The building offers 52 parking spaces.

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The Corbin Group at Rosewood Realty announced the sale of a Far Rockaway Apartment Building in bankruptcy for $2.9 million. Greg Corbin and Brandon Serota arranged the sale of 157 Beach 96th Street, a stalled construction site. An additional $1.2 million is needed to complete the building. The sale equates to $410,000 a unit and $389 psf after completed construction. Upon completion, the five-story building which is located three blocks from the beach, will be 10,548 s/f and consist of 10 apartments, six private terraces, and private parking.

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NAI Fennelly negotiated the reacquisition of a 23,000 s/f office condo at 1 Union Street in Robbinsville, NJ. Jerry Fennelly represented the buyer, Sharbell Development, and CBRE represented the seller, the American Heart Association in the transaction. NAI Fennelly previously sold the condo to the American Heart Association.

225 MAY STREET

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Colliers International HealthCare Investment Sales team announced the sale of 225 May Street, in Edison, NJ. The 30,000 s/f medical office building was purchased by Thomas Park, a private equity real estate firm. Kim Kretowicz, HealthCare Investment Sales Fellow within the Colliers Healthcare Services Group, represented the seller, and procured the buyer. The Core plus inflation protected NNN investment was delivered 83 percent leased with five tenants comprising investor-preferred health system, surgery center and cardio specialty practice tenancy.

1336 14TH STREET NW

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Douglas Development has sold 1336 14th Street NW in Washington, DC, to its tenant, JINYA Ramen, for $5 million. Aris Noble of JLL represented the buyer of the freestanding 6,000 s/f retail property. Douglas Development originally acquired the property for $1.75 million in 2015.

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Denholtz Properties has acquired Interstate Commerce Park, a five-building, 218,570 s/f industrial park located in Greensboro, N.C. for $12.1 million from CIP Real Estate. The acquisition marks the firm’s first investment in North Carolina. Currently fully leased to a diversified lineup of tenants, t he property is located within the Piedmont Triad region. Denholtz has a capital improvement plan for the property paired with a proactive long-term leasing strategy. Robert Cochran, Bill Harrison, Nolan Ashton and John Schultz of Cushman & Wakefield represented the seller, CIP Real Estate.

3700 and 3720 US HIGHWAY 421 NORTH

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Treeline has made its first investment in the Southeast with the $9 million acquisition of a two-building industrial portfolio in Wilmington, NC. Treeline acquired the assets at 3700 and 3720 US Highway 421 North from Burgess Corp., a NC-based construction and project management company, in an off-market transaction. The properties consist of a 66,274 s/f recently renovated to Class A industrial building at 3700 US Highway 421 North and a newly constructed 40,000 s/f industrial property at 3720 US Highway 421 North. Both buildings are fully leased to market rate tenants. The properties total of more than 106,000 s/f of modern warehouse, distribution and office space including ample truck and car parking, six high-door loading docks and three drive-in bays. The property at 3700 US Highway 421 North is occupied in its entirety by South-Tek Systems, Inc. an industry leader in nitrogen generation technology. 3720 US Highway 421 North is occupied by Mid Atlantic Roofing Systems and Aprinnova Inc., a leader in sustainable manufacturing and specialty chemicals used in the creation of non-toxic cosmetics.

RIVERCHASE APARTMENTS

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Wynmor Management, a NY-based private equity investment firm, has acquired Riverchase Apartments, a 252-unit apartment complex in Oklahoma City, Oklahoma for $13.6 million. The multi-family property, located at 11239 N Pennsylvania Avenue, features 10, three-story rental buildings and an additional building that serves as an office. The complex contains 217,500 rentable square feet and was built in 1971. Wynmor plans to upgrade the majority of units and implement institutional-style property management. The development features covered parking, a pool, basketball and tennis courts. The seller is a Texas-based company, Casa Claire Apartments, LP. Wynmor, along with its investment partners, invested its own equity while the remaining capital — $12.9 million required to acquire and renovate the property — came from Bedrock Capital Associates as an acquisition and renovation loan with a three-year term. This is Wynmor Management’s second acquisition in Oklahoma. Derek Wilson of Cushman Wakefield’s Oklahoma City office represented the seller.

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